ACADIA Pharmaceuticals (NASDAQ:ACAD) Price Target Cut to $22.00 by Analysts at Bank of America

ACADIA Pharmaceuticals (NASDAQ:ACAD) had its price target dropped by equities researchers at Bank of America from $26.00 to $22.00 in a report released on Friday, Stock Target Advisor reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. Bank of America‘s price objective would indicate a potential upside of 44.64% from the company’s current price.

Several other research analysts also recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $37.00 price objective on shares of ACADIA Pharmaceuticals in a report on Thursday. TheStreet upgraded shares of ACADIA Pharmaceuticals from a “d” rating to a “c” rating in a report on Tuesday, February 27th. JPMorgan Chase & Co. decreased their target price on shares of ACADIA Pharmaceuticals from $29.00 to $25.00 and set an “overweight” rating on the stock in a research report on Monday, March 25th. StockNews.com upgraded ACADIA Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, January 30th. Finally, Mizuho decreased their price objective on ACADIA Pharmaceuticals from $25.00 to $21.00 and set a “neutral” rating on the stock in a research report on Thursday. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.94.

ACADIA Pharmaceuticals Stock Down 11.2 %

Shares of ACADIA Pharmaceuticals stock opened at $15.21 on Friday. The company has a market cap of $2.51 billion, a price-to-earnings ratio of -40.03 and a beta of 0.42. The company’s 50 day moving average is $18.50 and its 200 day moving average is $23.16. ACADIA Pharmaceuticals has a twelve month low of $15.17 and a twelve month high of $33.99.

ACADIA Pharmaceuticals (NASDAQ:ACAD) last posted its quarterly earnings data on Wednesday, May 8th. The biopharmaceutical company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.06. ACADIA Pharmaceuticals had a negative return on equity of 15.67% and a negative net margin of 8.44%. The firm had revenue of $205.83 million for the quarter, compared to analysts’ expectations of $208.31 million. During the same period in the previous year, the firm earned ($0.27) EPS. The business’s quarterly revenue was up 73.8% on a year-over-year basis. Sell-side analysts expect that ACADIA Pharmaceuticals will post 0.62 EPS for the current fiscal year.

Insider Activity at ACADIA Pharmaceuticals

In other news, insider James Kihara sold 1,790 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $17.87, for a total transaction of $31,987.30. Following the completion of the transaction, the insider now directly owns 13,100 shares in the company, valued at $234,097. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other ACADIA Pharmaceuticals news, insider James Kihara sold 1,790 shares of the stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $17.87, for a total value of $31,987.30. Following the sale, the insider now owns 13,100 shares of the company’s stock, valued at approximately $234,097. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Stephen Davis sold 5,577 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $24.67, for a total transaction of $137,584.59. Following the completion of the sale, the chief executive officer now directly owns 101,890 shares in the company, valued at approximately $2,513,626.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 89,116 shares of company stock worth $1,625,639. Insiders own 27.50% of the company’s stock.

Hedge Funds Weigh In On ACADIA Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. RTW Investments LP increased its holdings in shares of ACADIA Pharmaceuticals by 18.3% in the 3rd quarter. RTW Investments LP now owns 11,576,537 shares of the biopharmaceutical company’s stock valued at $241,255,000 after acquiring an additional 1,793,288 shares during the period. Norges Bank acquired a new position in ACADIA Pharmaceuticals in the fourth quarter valued at $45,187,000. Fred Alger Management LLC raised its holdings in shares of ACADIA Pharmaceuticals by 38.7% in the third quarter. Fred Alger Management LLC now owns 3,108,883 shares of the biopharmaceutical company’s stock valued at $64,789,000 after buying an additional 867,818 shares during the last quarter. Eventide Asset Management LLC acquired a new position in ACADIA Pharmaceuticals in the 4th quarter valued at about $25,342,000. Finally, M&G Investment Management Ltd. purchased a new stake in ACADIA Pharmaceuticals during the 4th quarter valued at approximately $10,349,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.

About ACADIA Pharmaceuticals

ACADIA Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization innovative medicines that address unmet medical needs in central nervous system (CNS) disorders and rare diseases in the United States. The company offers NUPLAZID (pimavanserin) for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis; and DAYBUE, a novel synthetic analog of the amino-terminal tripeptide of insulin-like growth factor 1 for treatment of Rett Syndrome.